Friday, November 19, 2004

Study finds over 60% of CFO�s of SEC registered companies resign or are pushed when a Material Weakness is Disclosed

A.R.C. Morgan has produced its latest Sarbanes-Oxley research report 'Using Reported Weakness Disclosures to Benchmark Internal Controls'.A comprehensive study that provides full disclosed weakness data reported by over 350 SEC registered companies.

The results and conclusions of this study provide significant insight to all those involved with, or interested in understanding, an audit of Internal Control over Financial Reporting. The work effort required to document processes, identify significant risks and mitigating controls, evaluate control design and effectiveness, and report on such effectiveness of internal controls over financial reporting (on an annual basis) has already been extremely time-consuming and, by extension, costly. Yet despite the investments made weaknesses are still being declared and the expectation is that many more companies will be in a similar position. The research was designed to gauge what weaknesses are being disclosed, remediation action taken, impact on the organization and help give other filers a benchmark tool to asses their own environments and what to look out for. The rigorous research that forms the basis of this report has unearthed some unexpected results.

Study finds over 60% of CFO�s of SEC registered companies resign or are pushed when a Material Weakness is Disclosed

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